![]() The colonial economy was characterized by an abundance of land and natural resources and a severe scarcity of labor. ![]() Main articles: Colonial history of the United States and Economy of the British Empire Shipping scene in Salem, Massachusetts, a shipping hub, in the 1770s According to a 2023 study, in pre-colonial North America, "there were organized, complex agricultural communities with settled populations that had opened and cleared land, domesticated plants, crafted irrigation systems, and determined the best rotation and fallow practices for a given region." Colonial economy ![]() Much of the Eastern half of what would become the United States was characterized by settled agriculture and large towns in the pre-colonial period. While some early scholarship characterized these communities as non-market, more recent scholarship has made note of substantial trade and markets. Some communities were agrarian whereas others focused on hunting, gathering and foraging. Prior to the European colonial conquest of North America, there were indigenous communities with varied economic structures. The emphasis is on productivity and economic performance and how the economy was affected by new technologies, the change of size in economic sectors and the effects of legislation and government policy. The economic history of the United States is about characteristics of and important developments in the economy of the U.S., from the colonial era to the present.
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